Paramount is inching closer to completing its $111 billion takeover of Warner Bros., a deal that will transform the studio into a theatrical and news behemoth.

The European Commission is expected to approve the merger ahead of an upcoming deadline to open an in-depth probe, reported the Financial Times on Wednesday. The greenlight will include a condition designed to address competition concerns in the distribution of films in international markets that Paramount “exit its joint venture with Universal Pictures,” according to two sources familiar with the situation cited in the story.…